The additional $48,000$ common shares had been issued on February $1$ for cash at $$15\mathrm{.}50$ each.

te $12,000$ common shares had been acquired on March $1.$ "Why did we buy the shares if all we did was

to cancel them right after acquiring them on the same day? I had opposed this acquisition till the

very last but what could I do against the insistence of the head office. We lost $$8,320$ on that deal,"

lamented Ms$.$ Jell.

$($T$)$ On March $15,$ the company had issued subscriptions for some additional common shares. It received

$$1,530,000$ upon application at $$1\mathrm{.}80$ per subscription. Thereafter, the subscribers were required to

pay $$4\mathrm{.}00$ on March $31$ and the balance, being the final instalment, on April $30.$ The issue was fully

subscribed.

$($t$)$ On March $31,$ subscribers for $10,000$ shares failed to pay the required instalment. The company

received the cash from all of the other subscribers. The defaulting subscribers forfeited the first

instalment paid.

On April $30,$ the company received $$$8,400,000$ from the remaining subscribers and on May $1,$ it

issued shares to all subscribers in good standing.

Now you get to work on the second list of questions posed by Ms$.$ Jell.

Required:

Prepare journal entries, in proper format, to record all transactions listed below:

i$]$ the issue of shares on February $1.$

ii$]$ the acquisition and cancellation of the treasury shares on March $1.$

iii$]$ the entries required on March $15.$

iv$]$ the instalment $($and default$)$ on March $31.$

v$]$ the instalment on April $30.$

vi$]$ the issue of the shares on May $1.$